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Omicron is the name of a new terror around the world. This new variant of coronavirus has spread rapidly around the world since its introduction in South Africa. The World Bank has said that the world economy is on brink of downturn.
A statement from the agency's Washington office reports this on Wednesday (January 12th).
Since its inception, covid-19 has had a profound effect on the growth of gross domestic product (GDP) in all countries of the world. As a result, the growth of many countries is shifting from positive to negative and become economically stagnant. Although growth is projected to recover from this year, global growth is again threatened by the covid's new variant the Omicron.
The world economy is entering a clear recession after a strong comeback in 2021-2022. The Omicron variant is becoming a new threat. As a result of rising inflation, debt, and income inequality, which can threaten its rise and recovery. Such information has come up in the latest Global Economic Prospects report of the World Bank.
In 2021, the global growth was 5.5 percent. In 2022 it will decrease to 4.1 and in 2023 it will decrease drastically to 3.2 percent.
However, growth in the covid crisis will continue in East Asia and the Pacific. In 2023, the growth will increase slightly to 5.2 percent, which is estimated to be 5.1 percent in 2022.
In Europe and Central Asia, growth will increase by 3 percent in 2022, but in 2023 it will decrease by 2.9 percent.
In 2023, the growth rate in Latin America and the Caribbean will be 2.7 percent. In 2022, which is estimated to be 2.6 percent.
In the Middle East and North Africa, the growth rate will slow to 3.4 percent in 2023. But in 2022 which is estimated to be 4.4 percent.
The growth rate will also decrease in the South Asian region. In 2023, the growth rate will be reduced to 6 percent. The growth rate in 2022 is estimated at 7.6 percent.
However, there is some relief in sub-Saharan Africa. Growth is projected at 3.6 percent in 2022 but will increase slightly to 3.8 percent in 2023.
The rapid spread of the Omicron variant indicates that the epidemic is likely to disrupt economic activity in the near term, according to the Global Economic Prospects report. It will also bring about a significant downturn in major economies, including the United States and China. It will hurt demand in emerging and developing economies. The new variant came at a time when developing economies were taking various steps to turn around.
Omicron will continue to disrupt the supply chain, create inflationary pressures and create greater financial weakness in large parts of the world, the report added. This could increase the risk of global growth. The time ahead may be more difficult.
In this regard, World Bank President David Malpass said, "The world economy is facing Covid-19 and at the same time, inflation and policy uncertainty. Growing inequality and security challenges are having a particularly detrimental effect on developing countries. "
‘More countries in the world need to be involved in tackling the covid crisis. It is important to take concerted international action and strengthen national policy responses to keep the world on the path to optimal growth, "said Malpass.
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